D-Wave Quantum (NYSE:QBTS) Trading Up 0.2% – Here’s What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS) rose 0.2% on Tuesday . The stock traded as high as $8.54 and last traded at $8.17. Approximately 31,084,987 shares were traded during trading, an increase of 166% from the average daily volume of 11,696,327 shares. The stock had previously closed at $8.15.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm boosted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Benchmark increased their target price on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday. B. Riley boosted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Craig Hallum raised their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has a consensus rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Price Performance

The company has a fifty day moving average price of $2.78 and a 200 day moving average price of $1.64. The company has a market capitalization of $1.78 billion, a P/E ratio of -18.93 and a beta of 1.79.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 10,081,459 shares of company stock worth $45,337,894 in the last 90 days. 7.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in D-Wave Quantum during the 3rd quarter valued at about $42,000. Thoroughbred Financial Services LLC acquired a new position in shares of D-Wave Quantum during the second quarter valued at approximately $45,000. Bogart Wealth LLC acquired a new position in shares of D-Wave Quantum during the third quarter valued at approximately $49,000. Rhumbline Advisers bought a new stake in D-Wave Quantum during the second quarter worth approximately $93,000. Finally, Barclays PLC lifted its position in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the period. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.